DA Davidson Increases Fifth Third Bancorp (NASDAQ:FITB) Price Target to $52.00

Fifth Third Bancorp (NASDAQ:FITB) had its target price increased by equities research analysts at DA Davidson from $47.00 to $52.00 in a note issued to investors on Wednesday, MarketBeat reports. The brokerage currently has a “buy” rating on the financial services provider’s stock. DA Davidson’s price target indicates a potential upside of 18.75% from the company’s previous close. DA Davidson also issued estimates for Fifth Third Bancorp’s FY2025 earnings at $3.52 EPS and FY2026 earnings at $4.17 EPS.

Other equities research analysts also recently issued research reports about the company. Evercore ISI lifted their target price on Fifth Third Bancorp from $45.00 to $49.00 and gave the stock an “in-line” rating in a report on Tuesday, September 30th. The Goldman Sachs Group lifted their target price on Fifth Third Bancorp from $49.00 to $51.00 and gave the stock a “buy” rating in a report on Friday, October 3rd. Wolfe Research lifted their target price on Fifth Third Bancorp from $51.00 to $52.00 and gave the stock an “outperform” rating in a report on Wednesday, October 1st. Citigroup lifted their target price on Fifth Third Bancorp from $47.00 to $50.00 and gave the stock a “neutral” rating in a report on Tuesday, September 23rd. Finally, TD Cowen lifted their target price on Fifth Third Bancorp from $53.00 to $57.00 and gave the stock a “buy” rating in a report on Tuesday. One investment analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $50.16.

Fifth Third Bancorp Trading Up 0.6%

FITB stock opened at $43.79 on Wednesday. The company has a debt-to-equity ratio of 0.76, a current ratio of 0.81 and a quick ratio of 0.81. The company has a fifty day moving average price of $44.22 and a two-hundred day moving average price of $40.71. Fifth Third Bancorp has a one year low of $32.25 and a one year high of $49.07. The stock has a market cap of $28.98 billion, a price-to-earnings ratio of 13.60, a price-to-earnings-growth ratio of 1.40 and a beta of 0.95.

Fifth Third Bancorp declared that its board has approved a share repurchase program on Monday, June 16th that authorizes the company to repurchase 100,000,000 shares. This repurchase authorization authorizes the financial services provider to reacquire shares of its stock through open market purchases. Shares repurchase programs are usually a sign that the company’s management believes its shares are undervalued.

Hedge Funds Weigh In On Fifth Third Bancorp

A number of large investors have recently modified their holdings of the company. Norges Bank bought a new position in Fifth Third Bancorp during the 2nd quarter valued at $357,440,000. Nuveen LLC purchased a new position in Fifth Third Bancorp in the 1st quarter worth approximately $334,805,000. Invesco Ltd. grew its stake in Fifth Third Bancorp by 16.6% in the second quarter. Invesco Ltd. now owns 20,677,686 shares of the financial services provider’s stock worth $850,473,000 after purchasing an additional 2,941,333 shares during the period. Massachusetts Financial Services Co. MA bought a new stake in Fifth Third Bancorp in the first quarter worth $113,900,000. Finally, Charles Schwab Investment Management Inc. increased its position in Fifth Third Bancorp by 6.1% during the first quarter. Charles Schwab Investment Management Inc. now owns 22,908,401 shares of the financial services provider’s stock valued at $898,009,000 after acquiring an additional 1,321,554 shares during the last quarter. 83.79% of the stock is currently owned by institutional investors.

About Fifth Third Bancorp

Fifth Third Bancorp operates as the bank holding company for Fifth Third Bank, National Association that engages in the provision of a range of financial products and services in the United States. It operates through three segments: Commercial Banking, Consumer and Small Business Banking, and Wealth and Asset Management.